Outgoing Google CFO George Reyes ability acquire been alleged an “idiot” abaft his back, but in the abiding words of the Wu Tang Clan’s Method Man, “Cash rules aggregate about me, C.R.E.A.M. get the money, dolla dolla bill y’all.” Having already cashed in $259.6 actor in Google stock, Reyes has been affairs bottomward his basin of options from 51,750 back announcement his retirement and still holds 10,000 at a bang bulk of alone $5. Though Google’s banal has biconcave in that time, there’s acceptable acumen to acquire Reyes cashed in a absolute of $300 actor in shares, options, bonuses and bacon back he started at the company. Which makes admission CFO Patrick Pichette’s $10 actor over four years in the action letter beneath attending like a bargain. Not that Pichette’s accusatory — accustomed seven canicule to accede the offer, he active it the aforementioned day he accustomed it.
June 6, 2008
Re: Action of Application with Google Inc.
On account of Google Inc., I am admiring to action you the absolved position of Senior Vice President and Chief Financial Officer, advertisement to the Chief Executive Officer, accountable to the acceding and contingencies set alternating below. The position is amid in Mountain View, California. Your alpha date shall be August 1, 2008 and you will acquire the position of CFO able August 12, 2008.
You will acquire an ceremony bacon of $450,000, which will be paid ceremony and accountable to a alternate review. You are acceptable to participate in the Aggregation Account Program; your ceremony account ambition will be 150% of abject salary. Bonuses beneath the Aggregation Account Plan are discretionary. The absolute account bulk could be beyond or abate than this amount, based on your achievement and the achievement of the Company. Whether a account will be awarded in a accurate account period, and in what amount, is aural Google’s sole discretion. Both your abject bacon and the apparatus of your account are accountable to alternate review.
Additionally, aloft your alpha date, Google will pay you a ancient Sign-On Account of $500,000. This will be burdened as added income. At the achievement of six months of full-time application with us, Google will pay you an added $500,000 Cash Bonus. This will additionally be burdened as added income. In the accident your application is concluded aural the aboriginal six months of your employment, the Cash Account payout will be accelerated and paid on the abortion date or as anon thereafter as Aggregation business practices allow, but in any case aural thirty (30) canicule of your termination. If you aish your application at Google afore the one year ceremony of your alpha date, added than as a aftereffect of a aperture by Google of this Agreement, you will be adapted to accord the Sign-On Account and Cash Bonus. Any adapted claim will be prorated based on the cardinal of absolute agenda canicule until the one year ceremony of your alpha date.
Google will pay alteration costs and accommodate acceding for defined affective costs as categorical in Google’s North American Officer Alteration Policy. In adjustment to acquire these benefits, you will be adapted to assignment with a third affair bell-ringer provider appointed by Google to abetment in agent moves.
As a approved full-time agent you will be acceptable for assorted allowances offered to similarly-situated Google advisers in accordance with the acceding of Google’s behavior and account plans. Amid added things, these allowances currently accommodate medical and dental insurance, activity insurance, and a 401(k) retirement plan. You will automatically be enrolled in the 401(k) plan at 4% into the Wellesley Fund, which is a counterbalanced armamentarium of stocks and bonds. You will be able to change your cessation bulk and armamentarium allocation aloft your hire. The accommodation requirements and added advice apropos these allowances are set alternating in added abundant abstracts that are accessible from Google. With the barring of the “employment at will” action discussed herein, Google may, from time to time in its sole discretion, adapt or annihilate its behavior and the allowances offered to employees.
Upon approval by our Lath of Directors, you will be accepted four new appoint disinterestedness grants. Per the Governance Guidelines of the Leadership Development and Advantage Committee of our Lath of Directors, the Admission Date of these four disinterestedness grants will be on the Wednesday of the anniversary afterward your alpha date.
The aboriginal accolade will be a banal advantage admission to acquirement 11,112 shares of Google Class A accepted stock. Your options will be nonqualified banal options with an exercise bulk according to the closing fair bazaar amount of the basal banal on the Admission Date. Your options will belong at the amount of 1/4th on the date one year afterwards you arise employment, and will belong an added 1/48th anniversary ages thereafter, for a absolute vesting aeon of 48 months.
The additional accolade will be a admission of 5,556 Google Banal Units (GSUs). Your GSUs will belong at a amount of 1/4th anniversary year over the aing four years, alpha on the date one year afterwards you arise employment, for a absolute vesting aeon of 48 months. At that time, the vested cardinal of GSUs will catechumen to a cardinal of Google Class A accepted shares.
Vesting in both of these banal advantage and GSU awards is accidental on connected application on the applicative vesting dates.
The third accolade will be a admission of 910 GSUs. Your GSUs will belong at a amount of 100 percent at six months. At that time, the vested cardinal of GSUs will catechumen to a cardinal of Google Class A accepted shares. In the accident your application terminates above-mentioned to the six-month vesting date (other than as a aftereffect of your resignation), you will anon belong in this grant.
The fourth accolade will be a admission of 910 GSUs. Your GSUs will belong at a amount of 100 percent at twelve months. At that time, the vested cardinal of GSUs will catechumen to a cardinal of Google Class A accepted shares. In the accident your application is concluded afterwards six months but above-mentioned to the twelve-month vesting date (other than as a aftereffect of your resignation), you will anon belong in this grant.
Please be acquainted that this affairs and consecutive programs could be afflicted at any time, at the acumen of the Lath of Directors. Additionally agenda that Google makes no representation about the approaching amount of the banal options or GSUs accepted herein and you should apprehend that the amount of these grants will alter in the future. Finally, the cancellation of such grants shall be conditioned aloft the consecutive beheading by the almsman of Google’s adapted anatomy of GSU and Banal Advantage admission agreement.
For ceremony disinterestedness grants awarded in 2009 and thereafter, your grants will be advised pursuant to the aforementioned accepted action active for all Executives of commensurable status.
We animate you to argue a tax able for advice apropos all accepted tax advertisement requirements accompanying to the advantage and allowances discussed above.
You are actuality offered application at Google based on your claimed abilities and experience, and not due to your ability of any confidential, proprietary or barter abstruse advice of a above-mentioned or accepted employer. Should you acquire this offer, we do not appetite you to accomplish use of or acknowledge any such advice or to absorb or acknowledge any abstracts from a above-mentioned or accepted employer. Likewise, as an agent of Google, it is acceptable that you will become a about confidential, barter abstruse and/or proprietary advice accompanying to the operations, articles and casework of Google and its clients. To assure the interests of both Google and its clients, all advisers are adapted to apprehend and assurance the At Will Employment, Arcane Information, Invention Assignment and Adjudication Acceding as a action of application with Google. This Agreement, which provides for adjudication of all disputes arising out of your employment, will be provided for your review; you will be adapted to assurance it on your aboriginal day of employment.
Google has a austere action adjoin conflicts of interest. Google’s cipher of conduct is amid at http://investor.google.com/conduct.html. Afore chief whether to acquire or adios this action letter, amuse apprehend the cipher of conduct anxiously as it contains assertive prohibitions against, amid added things, captivation alfresco employment, lath memberships or advising lath positions in companies that may account a battle of interest. In adjustment to abstain absolute or perceived conflicts of interest, we ask that you assignment with Andy Hinton, Accepted Counsel and Global Acquiescence and Ethics Officer, to pre-approve lath positions afore aing Google.
Google has a austere action adjoin cabal trading, which prohibits, amid added things, employees, contractors and acting workers from trading Google banal during assertive time periods and agreeable in any acquired affairs in Google stock. It will be your albatross to brainwash yourself apropos Google’s cabal trading behavior and to ensure you are in abounding compliance. If you acquire any questions about Google’s action adjoin cabal trading, amuse acquaintance Human Resources.
Further, if an consign ascendancy authorization is adapted in affiliation with your employment, this action is added accidental aloft Google’s cancellation of the consign ascendancy authorization and any agnate approvals. Your application with Google will arise afterward cancellation of such consign ascendancy authorization and authoritative approvals; and is conditioned aloft your (a) advancement your application with Google, and (b) connected acquiescence with all altitude and limitations independent in such a license. If for any acumen such consign ascendancy authorization and authoritative approvals cannot be acquired aural six (6) months from your date of signature, this action will automatically aish and acquire no force and effect.
Please accept that this letter does not aggregate a arrangement of application for any specific aeon of time, but will actualize an “employment at will” relationship. This agency that the application accord may be concluded with or after account and with or after apprehension at any time by you or Google. No alone added than the Chief Executive Officer of Google has the ascendancy to access into any acceding for application for a defined aeon of time or to accomplish any acceding or representation adverse to Google’s action of application at will. Any such acceding or representation charge be in autograph and charge be active by you and the Chief Executive Officer. Your signature at the end of this letter confirms that no promises or agreements that are adverse to our at will accord acquire been committed to you during any of your pre-employment discussions with Google, and that this letter, forth with the At Will Employment, Arcane Information, Invention Assignment and Adjudication Agreement, accommodate our complete acceding apropos the acceding and altitude of your employment.
We attending advanced to an aboriginal accepting of this offer. This action will abide accessible for 7 (seven) business canicule afterward your cancellation of this letter and is accidental aloft your alpha date of August 1, 2008. This action is accidental aloft satisfactory after-effects from your accomplishments check, which we apprehend will be completed by Tuesday, June 10th. Additionally, this action and your application are accidental aloft satisfactory after-effects from your accomplishments check. To announce your accepting of Google’s offer, amuse assurance and date the amid aboriginal and acknowledgment it to us in the envelope provided. A alike aboriginal is amid for your record. Amuse access at 9:00 AM on your aboriginal day of application for a bout of the appointment and for your new appoint orientation. Acclimatization will be captivated at our Mountain View offices. In adjustment for Google to accede with the Immigration Reform and Ascendancy Act, your application with Google is accidental on your accommodation to assignment in the United States. Accordingly, amuse accompany adapted analysis of accommodation to assignment in the United States on your aboriginal day.
Patrick, we attending advanced to alive with you.
Sincerely,Laszlo BockVice President, People OperationsGoogle Inc.
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